A a patent is a legal binding contract between an investor and the government to protect his idea from being used by anyone else. The invention becomes only the inventor’s property. This ensures that the idea is safe from people who might want to use it without permission. Also it helps the inventor to maximize on his invention potential. There are various benefits accrued to having a patent. Competitors are barred from making a similar invention is another big benefit. It would be illegal for people who want to make an alternative invention There is an assurance that the inventors idea is kept safe. The the only valid idea is the inventor’s idea. The inventor can sue anyone that might try to make an alternative.
The other benefit is increased profits and prices. This comes about by the fact that other people cannot make the invention. In the market the inventor’s idea becomes the only viable one. The inventor can raise his prices since he is a monopoly. The inventor can maximize on profits made from his idea. One can sell the patent or license it and loan it for royalties is vital merit. The inventor receives a lot of money from the companies that use his ideas. The invention brings revenue to the person thus he is able to use it in his business. All the inventor has got to do is stay at the comfort and his invention that is being used will ensure that he is paid. The other benefit is that it becomes a level playing field. This means that other large companies that might want to compete with the inventor cannot because he has the sole right to the invention. The the the only person that the investor should be wary of defeating is himself. This is frustrating for this large company that might usually have an advantage over the small enterprises.
The another advantage is that the inventor gets protection for a certain time. The sole ownership is limited to time. Mostly before the invention is used by the public there are a good twenty years involved. The invention becomes public immediately the time period is over. The society can be taught about the idea, how to make it and also it’s used. The another merit is the inventor can use his invention. The the inventor can use it any way he wants either for business or personal use at home. The only person that can decide how to use the invention after patenting is the inventor only. The inventor, since he owns the idea, can look for investors to share with them a piece of the fat dividends should they gi the starting capital.